Kiel Working Papers, Kiel Institute for World Economics
No 908:
Capital Mobility and EU Enlargement
Claudia M. Buch
Abstract: The EU has recently entered accession talks with five
transition economies of eastern Europe. Membership in the EU would require
inter alia the full liberalization of capital flows. This paper provides
empirical evidence on the openness towards foreign capital that the
accession states have attained so far on the basis of the correlation
between domestic saving and investment. A comparison with the southern
members of the EU shows that the countries under review have reached a
similar degree of integration in quantitative terms. Yet, further
adjustment in qualitative terms, i.e., in the structure of capital flows
can be expected as the process of accession proceeds.
31 pages, February 1999
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